Musk insists firm isn't raising cash for brain-tech linkage

SpaceX CEO Elon Musk congratulates teams competing on the Hyperloop Pod Competition II at SpaceX's Hyperloop track in Hawthorne, Calif., Sunday, Aug 27, 2017. The Hyperloop system built by SpaceX is approximately one mile in length with a six-foot outer diameter. The WARR team from Tech University Munich won the Hyperloop Pod Competition II with a peak speed of 324 kilometers per hour (201 mph). (AP Photo/Damian Dovarganes)

INTERNATIONAL - A company set up by Elon Musk to develop advanced biotechnology enhancements for the human brain has raised $27m (R350m) from 12 investors, according to a Securities and Exchange Commission filing.

Neuralink could be seeking as much as $100m within the next 12 months, but Musk has taken to Twitter to deny that the company was actively fundraising. The Tesla and SpaceX chief executive wrote in response to a Wall Street Journal story: “Neuralink is not raising money.” He said the reporter had “misinterpreted” the filing. When asked to explain the filing, which stated clearly that 12 investors were involved, he responded with two emojis.

The filing states that $26.9m has been raised, with a total offering amount of $100m. Musk insisted the company was not looking for outside investors, which some have suggested might mean the billionaire is planning on footing the rest of the bill himself.

Although Musk has been adamant that Neuralink is not looking for further funding, Bloomberg has reported that he “has taken steps to sell as much as $100 million in stock to fund the development”.

What Musk hopes to achieve with the start-up is largely shrouded in mystery, but its overarching mission appears to be to connect the human mind with computer technology. Musk has said he believes Neuralink’s work will be crucial to ensuring the survival of humanity amid advancements in artificial intelligence.